Basically, but there are some differences. It’s more like a physical key to a digital game, rather than a one-time unlock code.

GKC:

• No data on card, requires internet & Nintendo service first use
• Installs to storage, taking up space
• Requires card inserted into system to play
• Box is an artifact to display on store and home shelves
• Freely re-sell or buy used

Full physical:

• All data on card, no internet dependence
• Only requires enough space for a save game
  • (Unless you download patches and updates, but still takes less storage)
• Requires card inserted into system to play
• Box is an artifact to display on store and home shelves
• Freely re-sell or buy used

Full digital:

• Internet & Nintendo service required to purchase.
  • Long term, store front will likely go down much earlier than re-download servers
• Installs to storage, taking up space
• No need to put card in system, play any digital game installed at any time
• Retail presence is limited to codes, either printed on cardboard or code-in-a-box
• No need to store any artifacts, saving valuable space in your home
• Unable to re-sell or buy used.

So, it’s just a slightly different mix of pros and cons. Gotta pick which things you care about.